Sign In
SEC News

SEC suspends an investment consultant for accepting the assignment to make securities trading decisions for an investor



Friday 19 April 2019 | No. 43 / 2019


Bangkok, 19 April 2019 – The SEC has suspended {A} from being an investment consultant of complex products type 1 and an investment planner for three months and 22 days on account of accepting an investor’s assignment to make securities investment decisions for the investor. At the time of committing such misconduct, he was working for Kasikorn Securities Public Company Limited under the former name of {B}.

According to a client’s complaint and the SEC’s further investigation, it was found that during December 2007 – September 2012,  executed securities trading orders for the client who acknowledged such orders, paid the subscription money and accepted redemption money without making any objection. The total accumulated trading value was more than 800 million baht. 

The misconduct above led to the consideration that {A} failed to perform his duties responsibly with professional due care when he accepted the investor’s assignment to make trading decisions for the investor. Consequently, {A} was deemed to have contravened the Notification of the Capital Market Supervisory Board*. The SEC therefore suspended him from being an approved investment consultant of complex products type 1 and an investment planner** for three months and 22 days, effective from 22 April 2019.

The SEC strongly advises investors against allowing investment consultants to make securities trading decisions on their behalf. Investors should object to any trading activities that do not comply with their investment objectives and monitor regularly the ongoing record of their trading transactions sent to them by the responsible securities companies. Any transactions not ordered by investors themselves should be rejected or an objection should be made immediately to prevent potential damage.

                                                                                            _____________________________
* Clause 23(2) and the prohibited characteristics of capital market personnel under Clause 31(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Personnel in the Capital Market dated 3 June 2014, as amended by the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 48/2560 Re: Rules on Personnel in the Capital Market (No. 7) dated 30 August 2017.

** Investment Consultant of Complex Products Type 1 is approved to give investment advice on non-complex capital market products as well as all types of high-risk or complex products.  Investment Planner is approved to give investment advice to investors as well as to make an investment plan in conjunction with investment advice by using client information in an in-depth manner to support the making of customized investment plan and investment advice on capital market products suitable for the risk profile and investment objectives of each client.






Related News

SEC revokes approval of an investment consultant for performing duties dishonestly and acting in the manner that implies dishonesty
SEC revokes approval of an investment consultant for performing duties dishonestly
SEC revokes approval of an investment consultant for performing duties dishonestly and acting in the manner that implies dishonesty
SEC suspends investment consultant for seeking benefits from an investor and failing to execute the investor’s orders
SEC bans a former investment consultant for 4 years and 8 months due to wrongful acts against an investor’s asset